Simmons Q1 2024 Earnings Report
Key Takeaways
Simmons First National Corporation reported a net income of $38.9 million for Q1 2024, with diluted EPS of $0.31. Total revenue stood at $195.1 million. The company saw growth in total loans and deposits, and maintained a stable net interest margin. Credit trends are normalizing, with provision expense exceeding net charge-offs.
Total loans increased 4 percent on a linked quarter annualized basis.
Total deposits were up 2 percent on a linked quarter annualized basis, with growth in money market and savings accounts.
Net interest margin remained relatively stable despite low-cost deposit migration.
Provision expense exceeded net charge-offs, with the allowance for credit losses as a percentage of loans at 1.34 percent.
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Simmons Revenue by Segment
Forward Guidance
No specific forward guidance was provided in the document.